Hopefully as the rates and the housing market loosens so will some of these guidelines in the HML programs. from talking to hard money funds especially those who operate in more than 10 states, and 5 years of experience with underwriting teams, I'd actually disagree and say new construction is preferred to rehab due to experience level to enter the market. there's BP lenders that will do 15% LTC with 1-2 new build experience.

I believe that the Federal Reserve is going to cut rates by 25-50 bps at it's September meeting (no emergency cut), but that 30-year fixed rate mortgage rates will rise to upper 6s low 7s around the same time, and Commercial borrowing rates, including for multifamily, will increase as well. 

Don't discount your property and don't make the newbie mistake of renting to friends and family.

Nobody wants to be around people like this, so I’ve had to lower my rent drastically and have a high turnover rate here.

What is your current rate and what are you being quoted?

To succeed with the BRRRR strategy, focus on buying properties at a discount, work with trusted contractors, and plan for refinancing timelines.

Hence the lot on which the house resided was taxed at a 45% discount based on actual value, while the tennis lot was taxed at about 4 times what it should have been by value. 

Credit score and loan size can also affect what rate you may find. 

I have a 2.5% interest rate on the balance of the mortgage. 

Would the 9-year balloon concern you, knowing you'd need to refinance or pay off the balance at potentially higher market rates in the future?